Ripple Price Analysis: XRP Explodes 20% Weekly, Here Are the Next Targets
Ripple has demonstrated a strong bullish surge from the $0.42 support region, reclaiming significant resistance levels up to the 200-day MA around $0.54. The main challenge lies in overcoming the resistance at $0.54-$0.55, where significant selling pressure is present.
XRP Analysis
By Shayan
The Daily Chart
An in-depth analysis of the daily chart reveals that XRP faced increased buying interest near the crucial support region of the multi-month descending channels middle boundary at $0.42, leading to a notable bullish surge in its price. Following this resurgence of demand, Ripple has reclaimed multiple decisive resistance zones, including:
- Channels Upper Boundary: Ripple successfully surpassed this level, breaking out of the descending channel pattern.
- 100-day Moving Average: The price moved above this MA at around $0.50, indicating strengthened bullish momentum.
Currently, Ripple encounters significant resistance at the 200-day MA of $0.54. This moving average aligns with a static resistance zone of $0.55, making it a substantial barrier for further price increases.
Upon reaching this resistance zone, Ripple faced heightened selling pressure, reducing bullish momentum. However, the price is currently consolidating near this critical level.
If the cryptocurrency stabilizes and breaks above the $0.55 resistance, it could lead to a sustained bullish trend toward the next major resistance at $0.60. Nevertheless, a temporary period of consolidation is expected in the mid-term due to the potential presence of supply near this critical juncture.
The 4-Hour Chart
On the 4-hour chart, Ripple exhibited a notable bullish trend, driven by increased demand near the $0.4 mark. This buying activity led to a breakout above $0.47. XRP breached this key resistance level, which also involved surpassing a multi-month descending trendline, indicating a bullish resurgence.
Currently, the cryptocurrency faces substantial resistance around the $0.57 mark, a level that has previously caused rejections.
If Ripple successfully breaches this resistance, it could continue its bullish trend, targeting the $0.62 resistance zone. Conversely, if the price faces rejection, a consolidation correction stage within the $0.57-$0.47 range is likely.
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